Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), a U.S.-listed pure-play Capesize shipping company, announced a 77% increase in net revenue for the first quarter of 2026, alongside a doubling of its newbuilding program to six vessels. The Greece-based owner of 20 large bulkers also declared a quarterly cash dividend of $0.20 per common share, marking the 18th consecutive quarter of dividend payments.
The company's newbuilding program, now valued at $460 million, includes six modern eco-design Capesize and Newcastlemax vessels scheduled for delivery between 2027 and 2029. Since October, Seanergy has steadily expanded the program, most recently adding a Capesize newbuilding at Hengli Shipbuilding in China in April. The orderbook comprises three vessels at Hengli Shipbuilding for delivery in 2027, two at Japan's Imabari Shipbuilding for delivery in 2027 and 2029, and one Newcastlemax at Jiangsu Hantong Heavy Industry scheduled for 2028. To date, Seanergy has paid $68.6 million for the program while maintaining strong liquidity. Four of the six vessels are already financed, with about $237 million in debt financing secured, and the company has deployed approximately $69 million of internal funds, supplemented by selective vessel sales.
In the first quarter, Seanergy reported net revenues of $42.9 million, up from $24.2 million in the same period last year. EBITDA reached $23.6 million, a 258% increase, while adjusted EBITDA was $28.1 million, up 251%. The company swung to net income of $9.7 million and adjusted net income of $13.4 million, compared with net losses of $6.8 million and $5.5 million, respectively, in the prior-year quarter. The fleet achieved a daily time charter equivalent of $24,219, a 6% premium over the Baltic Capesize Index–180 average of $22,902.
Looking ahead, Seanergy expects continued strength supported by resilient Chinese iron ore demand, growth in bauxite trades, rising West African iron ore exports, and healthy coal volumes. The company also noted that energy security issues from the Middle East crisis and expectations of a strong El Niño weather pattern further support ton-mile demand. “With a modernizing fleet, disciplined risk management, and a clear capital allocation strategy, we believe Seanergy is optimally positioned to continue creating value for shareholders heading into a structurally supportive 2027–2029 market window,” said CEO Tsantanis.
Separately, Seanergy's spin-off, United Maritime Corp. (NASDAQ: USEA), also reported improvements in the first quarter, with net loss narrowing to $0.1 million from $4.5 million a year ago, and adjusted net income of $0.2 million compared to an adjusted net loss of $4.4 million. United Maritime declared a quarterly dividend of $0.10 per common share, its 14th consecutive distribution. The company has been repositioning by selling smaller Kamsarmax vessels and its non-core Offshore sector investment, while expanding into larger Capesize bulkers. During Q1, it acquired two Capesize vessels and divested the Kamsarmax M/V Cretansea. United Maritime expects the full earnings and cash flow contribution to build progressively through the year.
For the second quarter, United Maritime secured about 92% of available days at an average of $17,807 per day, with Q2 TCE expected around $17,957 per day. Beyond Q2, approximately half of its operating days are already fixed. “United delivered a significantly improved financial performance, driven by stronger dry bulk market conditions and continued strategic execution,” said Tsantanis. “The company is now on a strong path to profitability, and we remain confident in our ability to sustain meaningful cash distributions.”
These developments underscore Seanergy's and United Maritime's strategic positioning in the dry bulk shipping market, with implications for investors and the broader shipping industry as they capitalize on favorable market conditions and fleet modernization.
